Stock market closes in black after mixed week

Stock market closes in black after mixed week

HARARE, October 22 (The Source) – The Zimbabwe Stock Exchange (ZSE) industrial index advanced 2,45 percent to close the week at 517,71 points, on gains in selected heavyweight counters.

The mining index however lost 8,85 percent to close at 128,87 points, on losses recorded by Bindura in the week.

Market capitalisation increased by 2,77 percent in the week to close at $14,7 billion from $14,3 billion in the previous week.

Total market turnover declined by 40,65 percent to $33,1 million from $55,8 million recorded in the previous week.

The largest company by market capitalisation, Delta gained 5,16 percent to close at 306,16 cents in the week while National Foods advanced 10 percent to settle at 750 cents.

Mobile operator, Econet added 1,93 percent to settle at 183,43 cents while Seedco advanced 0,26 percent to settle at 290,25 cents.

BAT and Innscor eased 0,03 percent and 0,14 percent to close at 3,560 cents and 178,25 cents respectively.

OML and Simbisa remained unchanged at 1,420 cents and 68 cents respectively.

Among the top gainers were Nampak and NicozDiamond whose share prices rose 24,14 percent and 20 percent to close at 18 cents and 4,8 cents respectively.

FML, ZB and Hippo gained 19,44 percent, 11,43 percent and 11,42 percent to settle at 21,5 cents, 39 cents and 168,25 cents in that order.

Additionally, Barclays, ART and Meikles advanced 9,76 percent, 8,33 percent and 7,5 percent to close at 9 cents, 6,5 cents and 43 cents while Pearl and NMB added 5,18 percent and 5,56 apiece to close at 5,89 cents and 9,5 cents respectively.

FBC and ZPI advanced 3,88 percent and 3,85 percent to trade at 24,93 cents and 2,7 cents respectively.

Mashonaland, PPC and Zimre added 3,43 percent, 3,22 percent and 1,53 percent to trade at 3,62 cents, 346 cents and 2,65 cents respectively.

Partially offsetting the gains recorded by the industrial index were Padenga and OK Zimbabwe after their share prices eased 5,28 percent and 17,6 percent to close at 80,51 cents and 24,72 cents in that order.

African Sun and StarAfrica fell 18 percent and 4 percent to close at 4,1 cents and 2,4 cents respectively.

Axia also eased 3,25 percent to settle at 28 cents.

On the mining space, Bindura weighed down the resource index after easing 30,94 percent to close at 4,42 cents, offsetting the gain recorded by Riozim which picked up 3,64 percent to settle at 114 cents. Other mining counters Hwange and Falcon remained unchanged at 3,74 cents and 2,01 cents respectively.

Foreigners remained net sellers in the week, disposing of shares worth $15,4 million compared to buys of $12,4 million.